Asked by: Lord Risby (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government (1) how the UK-Ukraine Digital Trade Agreement is being utilised to support the adoption of precision-farming, digital agriculture and the deployment of remote-sensing technologies in Ukraine, and (2) what support is being provided to the United Kingdom agriculture and agritech businesses to unlock export opportunities from the UK-Ukraine Digital Trade Agreement.
Answered by Lord Stockwood - Minister of State (HM Treasury)
The UK-Ukraine Digital Trade Agreement modernises our digital trade relationship, benefitting businesses and consumers in both countries. Our joint commitments, such as securing trusted cross‑border data flows and fostering open digital markets and digital trading systems, and continuing cooperation on digital issues support Ukraine’s adoption of data‑driven tools such as precision‑farming and remote‑sensing technologies. The UK-Ukraine TechBridge initiative, which assists the utilisation of the Digital Trade Agreement, facilitates connections between UK and Ukrainian tech sectors, building mutually beneficial commercial partnerships and helping Ukraine to secure investment into its dynamic technology sector. The initiative covers six priority sectors, including agri-tech.
Asked by: Lord Risby (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what plans they have to unlock opportunities from the free trade and digital agreements with Ukraine.
Answered by Lord Stockwood - Minister of State (HM Treasury)
The UK-Ukraine Political, Free Trade and Strategic Partnership Agreement is the central pillar of the UK’s trading relationship with Ukraine. Under this Agreement, tariffs on all goods are temporarily removed until March 2029 (with the exception of poultry and eggs which are liberalised until 31 March 2026), with businesses in both countries benefiting from this arrangement. The UK-Ukraine Digital Trade Agreement supports businesses to trade more efficiently and cheaply, including through secure electronic transactions, e-signatures, and e-contracts. The UK-Ukraine Trade Committee oversee these agreements and discusses how to enhance further our bilateral trade and investment.
Asked by: Lord Risby (Conservative - Life peer)
Question to the Foreign, Commonwealth & Development Office:
To ask His Majesty's Government how the UK's international sanctions regime has impacted foreign direct investment in the UK over the past three years, and what analysis they have undertaken to assess this impact.
Answered by Baroness Chapman of Darlington - Minister of State (Development)
The Foreign, Commonwealth and Development Office undertakes a pre-designation assessment of the impact of a sanctions designation on the UK economy as part of the decision-making process. The government also publishes impact assessments alongside sanctions-related legislation.
While these assessments seek to be as comprehensive as possible, it is difficult to analyse the direct impact of sanctions on foreign direct investment (FDI), given the complex mix of factors that affect FDI, including geopolitical tensions, regulatory changes, and trade agreements.
Asked by: Lord Risby (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they are taking to address key barriers to foreign direct investment, such as high energy prices and land acquisition costs.
Answered by Lord Stockwood - Minister of State (HM Treasury)
We are taking decisive steps to remove barriers to investment, strengthening the UK’s competitiveness. To address high energy costs, the British Industrial Competitiveness Scheme will reduce industrial electricity prices by up to 25%, supporting thousands of manufacturers. The new Strategic Sites Accelerator, backed by over £600 million, will unlock an initial wave of sites for investment from the growth-driving sectors of the Industrial Strategy from next financial year, with the aim of scaling up the programme over time. These measures form part of a wider strategy to create a pro-investment environment that drives growth and innovation.
Asked by: Lord Risby (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what assessment they have made of the need for a coordination service to assist new international investors; and what steps they are taking to deliver this.
Answered by Lord Stockwood - Minister of State (HM Treasury)
The Government has established the service described. It is the Office for Investment (OfI), a joint unit of HM Treasury, the Department for Business and Trade, and Number 10 Downing Street. The OfI was launched in its current form in June 2025, with a remit to source and secure transformational investment that drives economic growth, job creation, and increased productivity across the UK. The OfI operates as a central government function, working across departments and with external partners to attract and land high-value, strategic investments into the UK.
Asked by: Lord Risby (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they are taking to encourage long-term, high-value entrepreneurship through foreign direct investment.
Answered by Lord Stockwood - Minister of State (HM Treasury)
The Government is taking decisive steps to foster long-term, high-value entrepreneurship through foreign direct investment. Reforms to procurement, generous R&D tax reliefs, and targeted programmes such as BridgeAI, Growth Catalyst (£130 million) and Enterprise Fellowships will unlock capital, markets and talent. Major investment in AI and semiconductors, alongside a three-year stamp duty holiday for UK-listed firms, gives global investors confidence to back UK innovators and drive sustained growth.
Asked by: Lord Risby (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what consideration they have given to replicating the Office for Investment: Financial Services model for other key strategic sectors identified in the Science and Technology Framework.
Answered by Lord Stockwood - Minister of State (HM Treasury)
The OfI: Financial Services is a bespoke concierge service partnership involving HM Treasury, the OfI, the Financial Conduct Authority, the Prudential Regulation Authority, and the City of London Corporation. It was created to address the particular investment-related needs of the FS sector but was deliberately branded as the OfI to reflect its commonality with the OfI’s remit of sourcing and securing transformational investment. Whilst the Government will always consider the optimum approach to attracting investment, the OfI remains the single front door investment delivery body for the UK. The OfI works closely with DSIT to maximise investment in the Tech sector.
Asked by: Lord Risby (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they are taking to attract greenfield foreign direct investment in sectors crucial to the UK's industrial strategy.
Answered by Lord Stockwood - Minister of State (HM Treasury)
The UK’s new ten-year Industrial Strategy, launched in June 2025, is explicitly designed to attract and support investment by providing a stable, long-term framework. Targeted initiatives and incentives exist or are planned in areas such as nuclear power expansion, AI Growth Zones, Industrial Strategy Zones and lower energy costs. The Office for Investment (OfI) has expanded its remit, offering tailored support to major and strategically aligned investors. This includes a new Strategic Investment Opportunities team working with local leaders and agencies to identify and deliver high-impact projects, especially in government-priority sectors.
Asked by: Lord Risby (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what metrics are used to assess the effectiveness of the Office for Investment's concierge service for high-value investors; and how they ensure that departments and arms-length bodies are accountable for delays or failures in progressing high-value investments supported by the Office for Investment.
Answered by Lord Stockwood - Minister of State (HM Treasury)
OfI uses a range of metrics to assess the effectiveness of its operations. These are currently for internal use. OfI’s output is reported in the Official Statistics, and cover market origin, sector and distribution of investment across the UK. This will be supported by the OfI Board, which will coordinate investment activity across HMG and is chaired by the Minister for Investment.
Asked by: Lord Risby (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what assessment they have undertaken on the impact of regulatory burdens on the confidence of foreign investors, and on the UK's competitiveness.
Answered by Lord Stockwood - Minister of State (HM Treasury)
This Government has recognised that the administrative burden of regulation is too high. We have now established a baseline for the administrative burden of regulation on businesses of £22.4 billion a year. This is why we have committed to reduce this administrative burden by 25%, or £5.6bn, by the end of this Parliament. The Government is working to make the UK the best place to start and grow a business and this approach is designed to create a regulatory environment that is proportionate, transparent and internationally competitive, enabling businesses to innovate and invest with confidence.